Sable Offshore (NYSE:SOC) Shares Gap Up to $10.74

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up prior to trading on Monday . The stock had previously closed at $10.74, but opened at $11.22. Sable Offshore shares last traded at $10.93, with a volume of 71,560 shares traded.

Wall Street Analysts Forecast Growth

Separately, TD Cowen began coverage on shares of Sable Offshore in a research note on Monday, February 26th. They set an “outperform” rating and a $20.00 price objective for the company.

Sable Offshore Stock Down 1.5 %

The stock has a fifty day moving average of $11.13.

Insider Buying and Selling

In related news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $10.00 per share, for a total transaction of $60,000,000.00. Following the acquisition, the director now owns 3,000,000 shares of the company’s stock, valued at $30,000,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President James Caldwell Flores purchased 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average cost of $10.00 per share, for a total transaction of $3,000,000.00. Following the completion of the transaction, the president now directly owns 371,875 shares of the company’s stock, valued at approximately $3,718,750. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average price of $10.00 per share, with a total value of $60,000,000.00. Following the acquisition, the director now owns 3,000,000 shares of the company’s stock, valued at approximately $30,000,000. The disclosure for this purchase can be found here. 14.30% of the stock is currently owned by insiders.

Institutional Trading of Sable Offshore

A hedge fund recently bought a new stake in Sable Offshore stock. Clarus Group Inc. acquired a new position in Sable Offshore Corp. (NYSE:SOC) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 29,613 shares of the company’s stock, valued at approximately $325,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp.